Surge Arrester Market Scenario
Surge Arrester Market is projected to be worth USD 3229.96 Million,, registering a CAGR of 4.2% during the forecast period 2022-2030. The market was valued at USD 1.75 billion in 2020.
The surge arrester market refers to the segment of the electrical safety industry that includes the manufacturing, distribution, and sales of protective devices used to protect electrical equipment and systems from overvoltage surges. Surge arresters are used to protect equipment such as transformers, switchgear, and distribution lines from the damaging effects of voltage surges that can occur due to lightning strikes, switching operations, and other external factors.
The global surge arrester market is expected to experience robust growth in the coming years, driven by increasing demand for electrical safety and the growing adoption of surge arresters in various industries. The risk of overvoltage surges is high in industries such as oil and gas, power generation, and transmission, which require protective equipment and systems to ensure the safety and reliability of electrical equipment and systems.
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The factor that restrains the global demand for surge arresters is that competition from the unorganized power sector and arrester installation costs, particularly in developing nations. However, it's expected to have an edge over rivals and improvements to help players deal with the situation, technology wise, The demand for surge arresters is growing every day, as companies such as Siemens are working tremendously on application-based technology to ensure that the outcome is popular, reliable and secure.
In the locomotive sector the demand for surge arrester is growing. Increasing government efforts towards electrification to boost access to electricity in rural areas coupled with increasing emphasis on commercial facilities operating under harsh weather conditions with high lightning strikes will fuel the growth of the residential & commercial surge arrester industry.
Market Segmentation
The global surge arrester market is bifurcated by type into polymeric & porcelain.
The polymeric surge arrester segment led the market owing to the versatility of design, which leads to a wide range of arresters with respect to short-circuit behavior, mechanical properties, and costs. by voltage, the market has been segmented into low, medium & high, by class, the market has been segmented into distribution, intermediate & station. Due to the rise of smart grid infrastructure and an increase of industrialization in developing countries, the distribution class segment dominates the industry.
The distribution class market in Asia Pacific and South America is projected to rise at the highest CAGR, with growth focused on India , China, Brazil , and Argentina during the forecast period. The global market for surge arresters is segmented into industrial, commercial , and residential applications. Among them, revenue generation from commercial sector is projected to expand at a CAGR of approx. 8.50% during the forecast period.
Regional Outlook
The global surge arrester market stretches across Europe, Asia Pacific, North America and the rest of the world.
Over the recent past North America has led the way for surge arresters. The existence of a large pool of surge arrester producers has significantly boosted the growth of this regional market.
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During the forecast period the European market is projected to have the largest share of the global economy. The ageing of electrical infrastructure and the need to reduce equipment failure triggered by repeated spikes in voltage push the European market.
Competitive Dynamics
The major player in global surge arrester markets are GE Oil & Gas (U.S.), Siemens (Germany), Hubbell (U.S.), Mitsubishi Electric (Japan), Schneider Electric (France), CG Power (India), NGK Insulators (Japan), ABB (Switzerland), Eaton (Republic of Ireland), Emerson Electric (U.S.), Legrand S.A (France), HAKEL spol. S r. (Czech Republic), TE Connectivity (Switzerland), Vertiv. (U.S.), leviton manufacturing (U.S.), Lamco (India), Raycap Corporation SA (U.S.), etc.
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